There are a lot of discussions about how blockchain will transform how we all do business, from creating a sense of trust to making things faster. The real estate industry is no different; with blockchain applications, real estate will change for good completely. This blog talks about how blockchain will change real estate and affect the outdated processes we use today.
When people talk about real estate, listings, and real estate agents connect buyers with sellers. With the blockchain, that all changes. Using blockchain technology, these old ways of marketing and networking real estate listings will be no more; trading platforms and online marketplaces will streamline this process.
The power of the blockchain completely changes real estate, platforms like ALANT, which are already online, make real estate transactions faster and more secure. This process works because ALANT allows sellers to tokenize their assets. Buyers can then exchange the property for a cryptocurrency, easily transferred to cash later.
Bye, Bye Middlemen
What made real estate so lucrative for many was that different professionals could insert themselves into the buying process, taking a slice of the pie. The list doesn't end with bankers, lawyers, brokers, real estate agents, etc. Certain people have made real estate their bread and butter, creating an intricate ecosystem where they get rich.
Blockchain is about to change that; the gravy train for those who live off this system could find themselves entirely irrelevant. Blockchain does so well that it can handle everything from payments, contracts, and listings and keep everything legitimate and secure.
Cash Money, Right Away
Real estate has always tied up a person's money for a long time now. Some refer to it as an illiquid asset but using cryptocurrencies that live on the blockchain could be ancient history. In theory, by trading ownership using cryptocurrencies, you could exchange it for money right away.
Lower Barriers to Investing
In years gone b, when it came to a piece of property having multiple owners, things could quickly get tricky. The more owners there were, the more potential for problems. It was easier to be the sole owner or not invest most of the time, but this concept of fractional ownership with blockchain can become a reality.
More people can become investors in the real estate market without being the only owner. Anyone can easily own a slice of the pie, effectively lowering the barriers to entering the world of real estate investment. A group of investors could effectively band together and pool their money to purchase large property.
It's All Decentralized
One of the most popular aspects of blockchain is that it's all decentralized. Any information stored on the blockchain is freely accessible to any of the peers in the network, keeping any data transparent and free from fraud. Blockchain could reign in a new sense of trust and confidence.
Global real estate is worth billions if not a tiny group of wealthy firms controls trillions. Blockchain will help break up these companies hold over this very lucrative industry.
Between registration fees, inspection costs, loan fees, and any taxes associated, things can get prohibitive when it comes to real estate for the average person. But with the power of blockchain, that could all go away forever.
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